July 25, 2017
Tuesday’s Regulatory & Legislative Roundup
- New York City’s Department of Housing Preservation and Development secured approximately 1.5 million to expand community land trusts. These funds stem from bank settlements throughout the state. New York negotiated with banks across the state regarding their past policies and procedures which have contributed to New York’s housing crisis.
- The U.S. Appropriations Committee recently passed a bill proposing new legislation. The proposed legislation will shift the practices of the United States Department of Housing and Urban Development (HUD). For instance, HUD would then have to report on all areas in which it uses “flawed income data.” If passed into law, the federal agency will have to create a new criteria for determining how it issues out it’s community block grants. Seemingly, this legislation was authored to shift a few of HUD’s practices.
July 25, 2017 | Permalink | No Comments
July 24, 2017
Monday’s Adjudication Roundup
- A Miami-Dade court halted David Beckham’s plan to create a new soccer stadium in Miami, which may potentially persuade Major League Soccer to expand to Miami. Miami-Dade County recently approved Beckham’s 9 million dollar bid to purchase a parcel of land. A local landowner believes the county violated state law when they allegedly did not choose the highest and best bidder.
- The developers and managers of The Millennium Towers in San Francisco pleaded with a local judge to dismiss claims brought against them regarding their homes in the “now sinking” tower. The homeowners allege the marketing materials defrauded and/or misled them regarding issues surrounding the tower’s tilt. Millennium’s attorney explained to the court that the homeowners failed to allege a harm done by the developers and managers of the tower.
- Kohl’s Corp. is relieved. A Wisconsin federal judge determined the corporation’s accounting practices were not corporate misconduct. The plaintiff failed to explain how the company’s oversight of their accounting errors were in deed careless.
July 24, 2017 | Permalink | No Comments
July 21, 2017
Friday’s Government Reports Roundup
- The Consumer Financial Protection Bureau (CFPB) battled with the Office of the Comptroller of the Currency over the public release of the CFPB’s new arbitration rule. Companies can no longer mandate arbitration clauses. As a result, consumers will be able to file class action lawsuits. This new rule mostly impacts credit card companies and banks.
- The National Mortgage Servicing Association (NMSA) wants to revamp how municipalities treat vacant and abandoned properties. The goal is to lessen the burden of servicing such properties. Another goal of the NMSA is to help reduce the number of occurrences of “vandalism, squatting, and violent crimes.”
July 21, 2017 | Permalink | No Comments
July 20, 2017
Thursday’s Advocacy & Think Tank Roundup
- Three California residents attempted to defraud borrowers in a mortgage modification scheme. The trio garnished at least 11 million dollars from homeowners across the nation. The author of the scheme used some of the funds to produce a reality t.v. show and live lavishly. Together, all three participants will serve a combined 39 years in prison.
- The pool of homes for potential homeowners is expanding. For months, reports mentioned the lack of homes available to potential buyers. As a result, investors are building new homes to correct the existing homes and newly constructed homes imbalance. The Midwest and Northeast will see this growth the most.
- California is in a housing crisis. Many are living below the poverty line and cannot afford California’s expensive rent. State and local legislators are grappling with solutions to resolve the issue. Some California residents resorted to living in vans while others whom make more than $180,000 a year commute over 150 miles per day to travel to work.
July 20, 2017 | Permalink | No Comments
July 19, 2017
Wednesday’s Academic Roundup
- The Collapse of Unlisted Mortgage Companies: A Regulatory Dilemma, Keneley, Jain, and Wines
- An Explorative Study on Mandatory CSR Spending with Reference to Section 135 of Companies Act, 2013, Champramary, Shanmugam, and Veerarghavan
- Dynamics of Prices on Residential Real Estate, Malginov, G. Sternik, and S. Sternik
- Real Estate Price Dynamics and the Value of Flexibility, Geltner and Neufville
July 19, 2017 | Permalink | No Comments
July 18, 2017
Tuesday’s Regulatory & Legislative Roundup
- The United States Department of Housing and Urban Development (HUD), allocated two billion dollars to aid in the country’s homelessness. Continuum of Care (CoC) Homeless Assistance Program funds this program for many displaced families and individuals. The goal with the program is to ensure permanent housing for all.
- The House Appropriations Committee passed the “fiscal year 2018 Financial Services and General Government Appropriations bill.” The amended bill overrides a portion of the Second Circuit decision Madden v. Midland Funding. Further, the bill reforms the role of the Consumer Financial Protection Bureau such as removing the agency’s UDAAP authority.
July 18, 2017 | Permalink | No Comments
July 17, 2017
Monday’s Adjudication Roundup
- A Florida Court ruled that a resolution enacted by Palm Beach Gardens’ is unconstitutional. The Court determined the city’s resolution impeded on the Sears Roebuck and Co.’s right to contract. The Court also sanctioned opposing counsel.
- A judge in Illinois allegedly attempted to defraud lenders in the Chicago area. Judge O’Brien and an alleged co-conspirator attempted to submit “falsified mortgage, refinanced, and commercial loan applications to lenders.” Judge O’Brien is seeking a stay until the alleged co-conspirator is available in court to respond to her counsel’s subpoena.
- A lawyer representing a Florida country club asked the Court to sanction opposing counsel for allegedly filing a frivolous suit. Counsel for the club believes the claims filed by the class are without legal merit. Further, the country clubs attorneys’ seek a bond from opposing counsel to show an act of good faith in filing the suit. Here, the class claims the county club’s practices caused the value of their homes to decrease and seek damages for such.
July 17, 2017 | Permalink | No Comments
